Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.8 percent to 4,291.40, ending a four-day, 2.2 percent slump.
Miners: Marcventures Holdings Inc. (MARC) , a nickel producer, sank 3.7 percent to 2.10 pesos, the sharpest loss since Sept. 5, after the government said it plans to boost income from mining companies by declaring more areas as mineral reservations. Century Peak Metals Holdings Corp. (CPM) slid 2.1 percent to 1.85 pesos, the lowest close since Sept. 2.
The plan will allow the government to collect a 5 percent royalty in addition to the excise tax from mining companies operating in the reservation areas, Environment Secretary Ramon Paje said yesterday.
SM Investments Corp. (SM) , holding company of Philippine billionaire Henry Sy, climbed 1.9 percent to 560 pesos, the steepest increase since Sept. 8. The company’s earnings in the third quarter will probably be “better” than in the same period last year, Chief Financial Officer Jose Sio said. SM Prime Holdings Inc. (SMPH) , the nation’s biggest shopping mall operator and a unit of the company, jumped 5.7 percent to 12.90 pesos, the highest close since Oct. 7. Banco de Oro Unibank Inc. (BDO) , the nation’s biggest bank by assets and owned by SM Investments, increased 1 percent to 56.55 pesos. SM Development Corp. (SMDC) , the company’s home-builder unit, gained 1.8 percent to 8.55 pesos, its first increase this week.
To contact the reporter on this story: Ian Sayson in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com